Lowering Credit Limit

[I Is Broke]

I have a Credit Card that I am rebuilding my credit with. It had a $6000 limit. I very rarely charge more than gas. It is always paid at the end of the month. I've never rolled a balance over from month to month. I got a letter in the mail that they lowered my credit limit to $4000.

Will this hurt my credit rating?

Why would they lower the limit? I am not a bad customer. I pay my bill each month.

[Logan]

Because you is broke!!!

They're just lowering there exposure to risk. I wouldn't be concerned unless your balance is close to 4K.

Logan

[Faust]

Most banks and retailers are lower limits and closing accounts. It's a huge retraction of the market. Expect more to come.

Don't worry, before long most people will have shitty credit.